Friday's Market Recap - Stocks Rally After As Investors Embraced A Strong Nonfarm Payroll Report.
- cashtonsaunders
- Apr 1, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, April 1, 2022, 7:20 AM.
Stock futures were nicely positive early in the premarket session. Dow futures were up 159 points, Nasdaq futures up 65 points, and S&P futures up 20 points. Asian stocks were mixed in their sessions overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.327%, down 0.031%.
Currency Desk:
Eurodollar: 1.10
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $100.07/barrel, down 0.21%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed Japan (Nikkei 225) down 0.56%, Shanghai up 0.91%, Hong Kong (Hang Seng) up 0.19%.
Major European markets closed higher. German (DAX) up 0.22%, France CAC 40 up 0.37%, London FTSE 100 up 0.30%.
Market And Sector Dynamics
US markets opened moderately higher with the Dow up 75 points, Nasdaq up 71 points, and S&P gained 13 points. WTI crude oil started the day mildly lower at $99.27/barrel, down 1.01%. The US 10 Year Bond Yield at 2.426%, up 9.9 basis points.
March's Employment Status Report (Non-Farm Payroll) showed the economy delivered a strong 431,000 new jobs, mostly in line with consensus.
In a choppy volatile session, stocks traded in and out of positive territory as investors continued to balance the risk of runaway inflation and the Fed's ability to effect a soft landing, as well as the possibility of a US economic recession, being predicted by inverted US bond yields.
Eight of eleven S&P sectors closed today's session with gains, led by Real Estate, Utilities, Consumer Staples, Basic Materials, Healthcare, Communication Services, Energy, and Consumer Discretionary. Industrial, Financials, and Technology ended lower.
Factors Influencing Today's Market
March's US Nonfarm Payroll report showed 431,000 new jobs created, and the unemployment ticked down to 3.60%.
US 10 Year Bond closed today at 2.389%, 1089%.
WTI crude oil closed at $97.90/barrel, down 2.37%.
This week's Baker Hughes US Oil Rig count rose 2 rigs to 533 total.
Market Close Volume Traded And Advance Decline Ratio
US stocks ended with moderate gains following a volatile trading session. At the close the Dow gained 139.92 points, Nasdaq gained 40.98 points, and S&P gained 15.45 points. Total NYSE volume was a modest 4.56 billion shares. Advancing shares outpaced Declining shares by 1.86:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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